September 26, 2022

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Truly Business

Sky Harbour Funds LLC, a subsidiary of Sky Harbour LLC, a Developer of US Airport Infrastructure, Agrees to $166,340,000 Bond Sale By General public Finance Authority

3 min read

WEST HARRISON, N.Y.–(Small business WIRE)–Sky Harbour LLC (“SHG”), a developer of personal aviation infrastructure concentrated on constructing, leasing and handling small business aviation hangars, right now introduced that its subsidiary, Sky Harbour Money LLC (“SH Capital”), secured $166.34 million in financing via the sale of Series 2021 non-public exercise tax-exempt senior bonds via municipal conduit issuer, Public Finance Authority (“PFA”). SH Cash and its subsidiaries Sky Harbour Sugar Land Airport, LLC, Sky Harbour Opa Locka Airport, LLC, Nashville Hangars LLC, APA Hangars LLC, and DVT Hangars LLC will constitute an Obligated Group, the residence and revenues of which will protected the bonds on a joint and numerous basis.

The bond issuance consists of unrated senior mounted price tax-exempt bonds with a few expression maturities, in 2036, 2041 and 2054, with principal amortization from 2032 thru 2054 (common daily life of 24 many years). The time period bonds ended up priced to produce 3.80% (2036), 4.00% (2041) and 4.25% (2054). The bond situation received considerable trader interest, with close to $1 billion in orders from over 30 distinctive institutional traders, with Goldman Sachs & Co. LLC serving as guide bookrunner and Barclays Cash, Inc. as co-handling underwriter.

As element of the prepare of finance, SHG will be contributing $68 million in equity to the Obligated Group. It is envisioned that this equity contribution, alongside one another with the bond proceeds, will be used to refinance existing financial debt and fund a enhancement software at five airports consisting of 8 current hangars and 74 new hangars in many phases positioned at Miami-Opa Locka Govt Airport, Sugar Land Regional Airport, Nashville Worldwide Airport, Centennial Airport and Phoenix Deer Valley Airport. As earlier declared, Boston Omaha Company (Nasdaq: BOMN) entered into a definitive agreement to devote $55 million in SHG, which will near concurrently with the bond transaction.

The Lender of New York Mellon is serving as Learn Trustee and Bond Trustee for the bonds. Greenberg Traurig, LLP is serving as bond counsel and special counsel to SHG, Katten Munchin Rosenman LLP as underwriter’s counsel, Nixon Peabody LLP as purchaser’s counsel, Morrison & Foerster LLP as corporate counsel to SHG, von Briesen & Roper s.c. as issuer’s counsel and Paparone Law as trustee counsel. LSN Global Initiatives LLC served as structuring advisor to the Obligated Team and to SHG. CBRE Group Inc. served as feasibility and market place evaluation expert.

The bonds are envisioned to be issued on or about September 14th, 2021.

About Sky Harbour LLC

Sky Harbour LLC is an aviation infrastructure company developing the initially nationwide community of Residence-Basing methods for business aircraft. The Organization develops, leases and manages organization aviation hangars throughout the United States based mostly on its proprietary concentrating on and acquisition design, targeting airfields with major hangar offer and demand from customers imbalances in the biggest US markets. Sky Harbour hangar campuses function exceptional non-public hangars and a full suite of dedicated services exclusively created for household-primarily based aircraft. Added benefits of the Sky Harbour Household-Basing product include safety, efficiency of flight and servicing operations, enhanced protection and entire privateness, all delivered in a attractive, thoughtfully built atmosphere. Sky Harbour LLC is included in Delaware and headquartered at Westchester County Airport, New York.

About Boston Omaha Corporation

Boston Omaha Corporation is a public holding firm with three the greater part owned corporations engaged in outdoor promotion, surety insurance and broadband telecommunications services. The Firm also maintains minority investments together with investments in a bank, a national residential homebuilder, business true estate expert services organizations and Yellowstone Acquisition Corporation.

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